Citi upgraded American Homes 4 Rent to Buy from Neutral with a price target of $41, up from $37. The analyst believes American Homes will see “multiple years of strong” compounded earnings and net asset value growth, which, along with some slight multiple expansion, will likely result in solid absolute and relative performance. Long-term interest rates and mortgage rates will not drop precipitously, which will will likely start stimulating more move-outs to home purchases, the analyst tells investors in a research note.
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